Contemporaneous versus Lagged Reserve Requirements: Issue or Nonissue for Monetary Policy?
نویسنده
چکیده
Recently the Board of Governors of the Federal Reserve System solicited comment on a proposal to return to a lagged reserve requirement structure such as that in effect from September 1968 until February 1984. Under such a system the reserve computation period would end well before the beginning of the reserve maintenance period. Individual depository institutions would know their required reserves in advance, and the Federal Reserve would know aggregate required reserves in advance. With the current levels of reserve requirements and the present structure of the depository institution industry, it is unlikely that the proposed change would have any substantive effect on depository behavior, or on the conduct of Open Market Operations by the Federal Reserve.
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